News - 2008
Red Provides $6.6 Million FHA 232/223(f) Refinancing of Four Ohio Assisted Living and Skilled Nursing Facilities
Columbus, Ohio, October 27, 2008 — Red Mortgage Capital, Inc., one of the nation’s top FHA/MAP/LEAN mortgage lenders and the mortgage banking arm of comprehensive capital provider, RED CAPITAL GROUP, recently provided FHA 232/223(f) refinancings for four existing assisted living and skilled nursing facilities in the combined amount of $6,531,300 for AdCare Health Systems.
Community’s Hearth & Home of Springfield (Springfield, Ohio), consists of two assisted living facilities: the Harding facility (comprised of 20 units) was constructed in 1996 and the El Camino facility (also comprised of 20 units) was constructed in 1997. Community’s Hearth & Home of Urbana (Urbana, Ohio) which is comprised of 32 assisted living units was constructed in 1997. Hearth & Care of Greenfield (Greenfield, Ohio) was constructed in phases and consists of 31 skilled nursing units.
Based in Springfield, Ohio, AdCare Health Systems, Inc. is a newly listed American Stock Exchange company (AMEX: ADK) that develops, owns and manages retirement communities, assisted living facilities, nursing homes and home health care agencies all currently operating in the state of Ohio. Prior to becoming a publicly traded company, AdCare was a private company in operation for over 18 years. AdCare currently manages 15 facilities.
Kevin M. Korn, Director of Red Mortgage Capital, Inc., stated, "Once again, it was a pleasure working with AdCare Health Systems, Inc. and the U.S. Department of Housing & Urban Development's Columbus Field Office to secure long term financing for these facilities. The favorable financing terms available (e.g. long-term, fixed rate, fully amortizing, etc.) under FHA's mortgage insurance program has well positioned these facilities for the future. We appreciate the opportunity to work with AdCare."